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UKfamsol, Family Solicitor
Category: Family Law
Satisfied Customers: 560
Experience:  Very experienced specialist family law solicitor, qualifed in 1994
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my partner and i are splitting up, we are not married, we own

Customer Question

my partner and i are splitting up, we are not married, we own our house jointly and we are both named on the mortgage. My partner is staying in the houe and I am leaving. Will it be possible to have the mortgage transferred into his name (if the bank agrees) but for the ownership of the house to remain jointly owned in both names?
Submitted: 3 years ago.
Category: Family Law
Expert:  UKfamsol replied 3 years ago.
Hello and thanks for your question.

When a lender agrees to lend the money for a mortgage, because it is a large sum, the lender is looking to reduce the risk to them as much as possible.

One way they reduce the risk is to have more than one person named on the mortgage. When two people are named on the mortgage deed, it means that they are bioth joitnly and severally liable for the mortgage debt, and if the mortgage goes into arrears, the lender can chase either one of them for the WHOLE of the mortgage debt.

Second way is to ensure that the combined income of all those named on the mortgage deed is at least equal to one third (or soem lenders will allow one quarter) of the total mortgage debt.

Your partner will therefore have to have a large income to be able to persuade the lender to put the mortgage in his sole name.

The lender cannot be made to agree to this.

The other way that the lender reduces their risk is by securing the mortgage against the property. All mortgages include clauses which state that if the mortgage gets badly into arrears, they can repossess the property (by getting a court order).

The lender is not going to want you as a joint owner causing difficulties in court proceedings if they apply for a possession in respect to a debt in the sole name of only one of the owners, so I think they would not be happy that the mortgage remains in joint names while the mortgage goes into one person's name.

I am not say that this would be illegal - but I am saying that I don't think any lender would agree to transfer the mortgage into your partner's sole name while your name remained on the title deeds jointly with his.

I also think that you should both take independent legal advice - I suspect that any solicitor would advise your partner that it makes no sense for him to bear all the risk by taking on sole responsibility for the mortgage, while you continue to share in the benefit of any increase in value of the property as time goes on.

I hope this helps and I wish you the best of luck.

Thanks and best wishes...

Expert:  UKfamsol replied 3 years ago.
Hello again

I see that you have looked at my answer but not accepted it.Is there any part of your question you feel that I have not dealt with, or any part of my answer that you would like me to clarify?

Do let me know - I'll do my best!